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Real Estate Agreement Contract for New Zealand

Real Estate Agreement Contract Template for New Zealand

A comprehensive legal document governed by New Zealand law that facilitates the sale and purchase of real estate property. This agreement sets out the terms and conditions of the property transaction, including property details, purchase price, settlement requirements, and obligations of both parties. It incorporates provisions compliant with New Zealand's Property Law Act 2007, Real Estate Agents Act 2008, and other relevant legislation, ensuring proper transfer of property ownership while protecting the interests of both vendors and purchasers.

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What is a Real Estate Agreement Contract?

The Real Estate Agreement Contract is a fundamental legal document used in New Zealand property transactions to formalize the sale and purchase of real estate. It serves as the primary contract between vendors and purchasers, incorporating essential elements required by New Zealand property law, including the Property Law Act 2007 and Real Estate Agents Act 2008. This document is crucial for both residential and commercial property transactions, containing detailed provisions for property transfer, payment terms, conditions precedent, warranties, and settlement requirements. It includes specific protections and obligations required under New Zealand law, making it suitable for various property transactions while ensuring compliance with local regulatory requirements and market practices.

What sections should be included in a Real Estate Agreement Contract?

1. Parties: Identification and details of the vendor and purchaser, including full legal names, addresses, and any company/trust details

2. Background: Context of the transaction, including property identification and brief transaction overview

3. Definitions: Defined terms used throughout the agreement for clarity and consistency

4. Property Details: Comprehensive description of the property, including legal description, certificate of title details, and included chattels

5. Purchase Price: Agreed purchase price, payment terms, and deposit requirements

6. Settlement: Settlement date, time, and process requirements

7. Title and Transfer: Requirements for title transfer, searches, and registration

8. Warranties and Undertakings: Vendor's warranties about the property and undertakings until settlement

9. Conditions: Standard conditions including finance, building inspection, and LIM report requirements

10. Risk and Insurance: Property risk allocation and insurance requirements until settlement

11. Default: Consequences and remedies for default by either party

12. General Provisions: Standard contract clauses including notices, amendments, and governing law

What sections are optional to include in a Real Estate Agreement Contract?

1. Tenancies: Required when the property is sold with existing tenants, detailing tenancy terms and arrangements

2. GST: Required when the transaction has GST implications, typically for commercial properties

3. Due Diligence: Detailed due diligence provisions for commercial properties or complex residential transactions

4. Development Provisions: Required for properties under development or with future development potential

5. Body Corporate: Required for unit title properties, detailing body corporate rules and obligations

6. Overseas Investment: Required when the purchaser is an overseas person under the Overseas Investment Act

7. Resource Consent: Required when the property use depends on specific resource consents

8. Vendor Finance: Required when the vendor is providing financing arrangements

What schedules should be included in a Real Estate Agreement Contract?

1. Schedule 1 - Property Details: Detailed description of land, improvements, and included chattels

2. Schedule 2 - Chattels List: Comprehensive list of included and excluded chattels

3. Schedule 3 - Special Conditions: Any special or additional conditions agreed between the parties

4. Schedule 4 - Warranties: Detailed vendor warranties about the property

5. Appendix A - Title Documents: Copy of certificate of title and relevant instruments

6. Appendix B - LIM Report: Land Information Memorandum report if already obtained

7. Appendix C - Property Plans: Property plans, floor plans, and site plans

8. Appendix D - Tenancy Information: Copies of tenancy agreements and related documents if applicable

9. Appendix E - Building Reports: Any existing building inspection reports or certificates

10. Appendix F - Body Corporate Information: Body corporate rules and information for unit title properties

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

New Zealand

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions







































Clauses


































Relevant Industries

Real Estate

Property Development

Legal Services

Banking and Finance

Property Investment

Property Management

Construction

Commercial Property

Residential Property

Property Advisory

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Sales

Conveyancing

Risk Management

Commercial Property

Residential Property

Business Development

Operations

Document Control

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Lawyer

Property Manager

Sales Manager

Legal Counsel

Property Developer

Investment Manager

Real Estate Broker

Compliance Officer

Contract Manager

Property Consultant

Settlement Officer

Real Estate Partner

Transaction Manager

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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